According to the ManpowerGroup Employment Outlook Survey released on March 10, 5,153 employers across India have indicated steady hiring plans for the upcoming three months. The sectors to lead in hiring are likely to be mining and construction, wholesale and retail trade, and services. Small-sized companies with employee strength of 10-49 will recruit more. Also, hiring will see a rise in the East and North.
Sandeep Gulati, Group Managing Director, ManpowerGroup India, said: “Corporate India is all up with its expectations and hopes for 2020. Progress of technology along with more macroeconomic stability and entrepreneur-friendly schemes is certainly going to boost hiring sentiment. While it is too early to predict the potential impact of Covid-19 on global hiring, the reality is that unemployment remains low in many markets, and globally organisations are struggling to find people with the right skills.”
“Corporate India’s hiring plans are steady as employers open up to innovative and flexible ways of working, collaborating with educational institutions to ensure a skilled labour pool in the upcoming years. Currently, there is a dearth of talent, and companies are ready to pay premium wages for the right talent with the appropriate skills. Employers are also upbeat about upskilling their existing talent strength. Competency mapping, workforce planning, learning, succession and development are some of the favourite topics of discussion nowadays. Workers want to learn more, work more and earn more. As employers, it is our responsibility to keep up the momentum by enhancing growth, additional employment, and maximising emerging opportunities”, added Gulati.
Sectoral trends
As per the survey, India’s job market, looks steady when compared to the last quarter. There is a growing demand for super-specialised skills. Companies are looking for professionals who are creative thinkers, agile adapters and fast learners. Hiring parameters are changing, with increasing demand for higher calibre candidates in the lower age group to fit job requirements.
Workforce gains are anticipated in all seven industry sectors during the coming quarter. Mining and construction employers report the strongest hiring intentions with a net employment outlook of +16 per cent. Payroll gains are also predicted in two sectors — +15 per cent in the wholesale and retail trade sector, and +13 per cent in the services sector. Hiring opportunities are expected to increase by 11-12 per cent in the public administration and education sectors, the finance, insurance and real estate sectors and the transportation and utilities sectors.
When compared with the previous quarter, hiring prospects look higher by 6 percentage points in the wholesale and retail trade sectors.
India’s r egional trends
Payrolls are expected to increase in all four regions during the coming quarter. The strongest labour market is expected in the East, where the net employment outlook stands at +13 per cent.
Global trends
ManpowerGroup interviewed over 59,000 employers in 44 countries and territories to forecast labour market activity in the second quarter of 2020. The survey was conducted between January 6 and January 28, before the global escalation of Covid-19. All participants were asked: “How do you anticipate total employment at your location to change in the next three months as compared to the current quarter?”
The survey reveals that employers expect workforce gains in 43 of 44 countries and territories surveyed up to the end of June 2020.
Payroll gains are anticipated by all 26 employers in Europe, West Asia and Africa (EMEA) region countries. Compared with the first quarter of 2020, hiring prospects improve in 15 countries but weaken in 7. The strongest hiring expectations for the coming quarter are reported in Greece and Croatia, while the weakest is in Poland, and South Africa.